The numbers are almost unbelievable, dizzying even. The talk around town is all about the“numbers” – the revaluation numbers.
The process which has raised more than eyebrows around town, even my own, happens every five years in Connecticut. Why? According to the State of Connecticut Office of Policy and Management, property revaluations are done to “ ensure uniformity in real property valuations by eliminating inequities that may have developed since the previous revaluation.” The process is mandated by the state, and must be done every five years, after October 1st.
How does the mill rate come into play?
To gain a better understanding of what this means, we looked to the Town of Stratford’s site. It was informative, but not specific enough, as are other town websites on the issue, like that of Easton’s. Unlike Stratford, Easton has a Board of Finance, which is responsible for preparing the budget, oversight, and setting the tax rate. Stratford does not currently have a Board of Finance, but the Town Council performs those tasks. We reached out to David Chess, Mayor-Elect and his team, to gain more information about both the process of revaluation, the anticipated mill rate changes, and more.
The current process in Stratford is that the Mayor proposes a budget to the Town Council. The Council then meets with other Town departments, like the Health Department, Board of Education, etc., and ultimately institutes a budget. The Town Council moves forward and sets the mill rate, which, in combination with non-tax revenues (like state aid, permit fees, etc.), they hope will raise enough money to support the budget. “Ultimately, the amount to be raised by property taxes is called the Grand Levy. The mill rate equals the Grand Levy divided by the Grand List times 1,000,” says Mayor-Elect Chess’s team. The example provided by the Mayor-Elect is:
| Total Town Budget: $250,000,000 | ||
| Non-Tax Revenue: $50,000,000 | ||
| Grand Levy (1-2): $200,000,000 | ||
| Grand List: $5,000,000,000 | ||
| Mill rate (3 / 4*1000): 40 |
To provide additional clarity, Chess’s team said, “In a revaluation, the grand list will change, and the mill rate will change as well. For example, if property values doubled, and the grand list grew to $10 billion, the mill rate would be reduced to 20. If your house exactly doubled, your taxes would not change at all. However, if your property rose in value more than average, your taxes would rise. Properties that rose in value less than average could see a tax cut. Recently, residential values have increased more than commercial properties, so we expect that there will be — on average — lower taxes for commercial properties, and higher taxes for residential properties.”
But why the high numbers? Why wasn’t there more communication face to face from the current administration in an effort to educate us on what to expect? Were there Community Forums about the process and topic of revaluation?
Word on the (social media) street is that taxes will increase because property values have increased, some by $100,000 and others by $200,000 and others more than that. Covid set that rise in motion with the influx of buyers from New York and elsewhere. The Town’s site provides information, but it’s not entirely clear. What is clear is that the newly assessed property value will be added to the October 1, 2025 Grand List, which will then inform the amount of taxes owed and due on July 1, 2026.
You have until December 2nd to schedule a meeting with the Town to air any grievances.
I was in shock when I saw our assessment double. We already pay 7400 on a 1500 sq ft Cape and I fear that we and all the rest of the residents esp those who are struggling under the weight of increased insurance,grocery prices,utilities and healtcare hikes,are going to suffer the fear of not being able to meet all these rising costs.I hope Mayor Chess and his team can spare us from a property tax gouging.
Perhaps newly-elected (whose swearing in is immanent) will distinguish himself as a DEM by acting as a ‘fiscally thrifty’ individual.
His leadership in holding the line on undue Town of Stratford spending accomplish much in him winning the continued good will of the earnest taxpaying Towns-people right out of the blocks (or gate, if you will).
PS Respectfully, what of author’s posit / opinion concerning that much of this increased assessment bally-hoo can be considered traceable to “an influx of NYers in recent times” (paraphrase)?!
My assessment is up 74%. This will be challenging, but I think the new administration is on the case.
All spending must be reviewed. Tightening of the purse straps for sure.
Perhaps a think tank on the subject might be productive.